Solutions

Third-party AUSTRAC reporting you can rely on

Automate how you identify reportable and non-reportable transactions, and create a single, auditable view of reporting obligations to comply with AUSTRAC rules

Third party reporting today

Even if another financial institution is reporting on your behalf, you must still be able to show complete and accurate IFTI and TTR reporting to AUSTRAC, or risk fines for non-compliance

  • Lack of visibility around reporting completeness
  • Data sharing via unsecure email, spreadsheet and fax
  • Risk of over or under reporting, impacting costs
  • Manual identification of reportable transactions
  • Transaction and customer data sits in silos
  • Repeat requests for information from clients

Introducing Overlay+
Ensure complete and accurate AUSTRAC reporting, even via a third party

Have complete visibility into all transactions in a single view, automatically identifying reportable transactions and remediating data issues prior to sending to third party partners for reporting

Features

  • Single dashboard view of all transactions
  • Seamless data collection from internal systems
  • Manual or automated information collection from clients
  • Four eyes approval, with manual override
  • Inbuilt escalataion timeframe to ensure deadlines are met
  • Report directly to AUSTRAC in the right format

Benefits

  • Automate identification of reportable transactions
  • Single view of reportable and non-reportable transactions
  • Reduced reliance on manual processes, including spreadsheets
  • More accurate AUSTRAC reporting, right first time
  • Auditable record of reporting to support your AML framework
  • Real-time status of reportable and non-reportable transactions
  • Compliance teams are free to focus on high value tasks

To learn more about the top five data challenges facing AUSTRAC reporting entities today, download the discussion paper

To discuss how Identitii can help simplify your third party AUSTRAC reporting, fill in the form below and we’ll be in touch shortly.

Use Case

More accurate IFTI and TTR reporting for AUSTRAC

Banks that conduct business in Australia are required to report transaction data to AUSTRAC under its mandate to reduce financial crime. 

Today, this often requires sourcing data from disparate systems internally to gain a complete picture of a transaction, and with volumes continuing to increase, the burden of reporting will only get higher. 

Reporting, powered by Overlay+ simplifies AUSTRAC reporting for the 14,000 entities required to provide International Fund Transfer Instructions (IFTI) and Threshold Transaction Reports (TTR). It overlays on top of existing technology systems to create a single, shared source of truth for transaction data, reducing operational costs and simplifying reporting.

Know Your Transaction

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